Urban living still appeals to high income earners, and renters living in big cities are less likely to relocate to suburbs, according to a new study from StorageCafe.
Amid a year defined by significant disruptions, the rental market saw an increase in the share of Americans relocating – 18 percent more renters changed residences in 2020 compared to 2019. Out of all the renters moving, 68 percent of people picked urban living over the suburbs
Despite the pandemic and many renters moving for reasons related to COVID-19, the “exodus towards suburban or smaller towns that many anticipated on a grand scale actually materialized for a smaller fraction of the renter cohort,” the study says.
While about 32 percent of renters who wanted to move did choose the suburbs in the last year, that number is close to pre-pandemic renter patterns.
Highlights of the report:
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.